Selling/Transporting Gold Bars Phillipines

[RDC0774]

Hi All,
Found this site while researching. I am an Australian Citizen as my parents migrated here and I was born here.

We have had relatives pass away in Mindanao, and have been told that Gold Bars have been left for the family. When my mother travelled back recently she confirmed the items are real but is too scared of the government to move it from the house.

My concern is, we cannot verify where it came from, and suspect it may have been a payment for them to allow treasure hunters to dig on their land without any sort of permit.

As we look to sell the property of the family member, we are unsure of our options with these bars. Can a foreigner simply sell them through legal means? Can a foreigner travel out of the country with them?

Not a treasure hunter, just hoping someone with some experience can help.

 

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[EngrJun]

Nope, you are not allowed to travel gold bars, not unless if you charter a flight and escape airport security otherwise it will be confiscated by the philippine governent or if you owned Big mining company in the philippines.. My question is why they did not sell it so that it will be converted into cash.

 

[XtreasureX]

Gold bars can mean a lot of things. You have to be more specific. Are they marked, are they homemade? Are you talking kilos or 100 grams? If you confirmed they are real, what method was used and by whom? Are you located in an area with a history of gold mining? Are you in a city or rural? I can help you, but more info is needed.

 

[GoDeep]

I can help you get those gold bars out or even buy them, shoot me a private message...

 

[RDC0774]

They are bars and are marked. We are talking Kilos.

In regards to why they have not sold them, the fact my mother pretty much thinks she will be jailed by even having them probably explains why.

When I said the items are real, I mean they exist and of course, could be fake but before I even consider getting them tested or sold etc. need to understand the legal dangers outside of being ripped off.

 

[GoDeep]

They are bars and are marked. We are talking Kilos.

In regards to why they have not sold them, the fact my mother pretty much thinks she will be jailed by even having them probably explains why.

When I said the items are real, I mean they exist and of course, could be fake but before I even consider getting them tested or sold etc. need to understand the legal dangers outside of being ripped off.

How many kilos are each bar? Have any pictures of them you can post?

What are the markings on them?

 

[XtreasureX]

Being ripped off, legally or otherwise, is your only problem. How long have the bars been stored and who knows about them?

 

[Clay Diggins]

I think you are a little paranoid? The gold laws in the Philippines are pretty simple. You can buy and sell gold. You can transport gold.

Unless the gold is obtained through fraud or criminal activity I see no reason to worry about selling it or transporting it out of the country. Importing it or the cash into Australia though is a different matter.

 

[UnderMiner]

Maybe it's part of Yamashita's gold?

 

[RDC0774]

Maybe it's part of Yamashita's gold?

So I only started reading into Yamasita, and found sites like this because that is what the neighbors say is buried in the area. Although it seems all provinces claim such a thing.

This is why the family worries its illegal to have/sell. But I cannot find anything saying whether or not that changes things.

 

[GoDeep]

How much does each bar weigh and what are the markings on them, that is the first step to determining their origin? Did your mom think to snap any pictures of them while she was there?

 

[jfreakofkorn]

Well , sounds like you need to pony up some foto(s) of these bar(s) if possible

 

[XtreasureX]

A few thoughts. The first thing that needs to be done to create a liquidation plan is to determine the quality of the gold. 24 karat gold will set off alarm bells to any buyer that this gold has been professionally processed and has provenance that will be questioned. This can be done with basic acid testing and rather simple.
Secondly, assuming the karat is other than 24k, the bars need to be reformatted. Melt them into smaller crude bars, roughly 50-100 grams a piece. Whatever shape your mold may be, don't cast them more than about 6-7 mm thick. If the gold is 24k, add enough silver to make them about 90 percent pure. If you have to add silver make sure you can duplicate the composition of the karat quality. Don't make all the bars the same size. Keep them a consistent composition but of varying weights. The equipment to do this can be purchased at any hardware store that sells plumbing supplies.
Thirdly, this is going to be the interesting part, start looking for a buyer. This can take many forms and where your knowledge of the country you are in will determine your path or paths you will take.
If you are a professional type of person consider looking for a retail gold dealer and consider trading the bars you made for Krugerrands, Eagles, etc. You will take a hit on the deal but you don't have to explain why you have gold bars and can easily liquidate the coins most any coin shop.

 

[Clay Diggins]

There are three major gold buyers in Manilla. There are several private refineries that can smelt and clean your gold and bring it to market. You can take the gold to the central bank and have it refined, they will even pay you for the gold if you want to sell it. There are no taxes on gold and no limit to how much you can own.

So why all the drama?

 

[XtreasureX]

Mr Diggins, you have always been courteous and we'll informed to me on this site, for which I thank you. I don't think that what the op is doing is dramatic. He is plainly gathering information to calm his concerned mother who just had a relative pass. I would rather describe it as due diligence.
I would also add that powerful people tend to have kilo quantities of gold. These people tend to also have long memories and longer insurance policies. Since he is doing this in a commercial setting and with people who are well informed and close knit, a bit of caution would be prudent. I would reformat the bars under any circumstances. Dropping multi-kilo quantities of marked pre-owned gold bars at a central bank or major refiner is going to raise flags.
Having lived in a non-G7 county for many years I have learned that the "rules" are more "flexible" in these locations. Which I would imagine is the source of concern that his mother is demonstrating.

 

[cudamark]

How about buying a small gold mining claim, remelt the gold in the manner already mentioned, and claim it came from the mine.

 

[Clay Diggins]

How about buying a small gold mining claim, remelt the gold in the manner already mentioned, and claim it came from the mine.

I like it! Just add some fraud to help the drama level. To bad you made the plan public on this forum otherwise it might have worked... except for the fact that Philippine law specifically prohibits the exportation of gold from small scale gold mining. It's in that link to the Philippine gold laws I posted earlier in this thread.

I've bought and sold gold in the Philippines. I have several friends that live there and do the same. Anybody that claims it's difficult to sell gold there is leaving something out of the story.

This is becoming an interesting thread compared to all the many other Philippine gold bar scams. Good work.

 

[ticndig]

the new guys always have the best treasure. that place must be made of gold.

 

[RDC0774]

As someone who frequents the internet, I am not lost on the bulls*** scale when a new account posts something like this. So I do really appreciate those that have taken the time to post.

Between some comments here, looking online and the fact I have reached out to some attorneys I am confident enough to head over there myself and start to do things like test, identify marks etc.

Something of concern, asking more questions, there are apparently other relatives from the same side who have been taking metal detecting equipment into what they refer to as "Japanese caves" which they admit they travel into government land. I guess that is my only remaining doubt, what is the best answer when being asked where and how these were found.

 

[GoDeep]

As someone who frequents the internet, I am not lost on the bulls*** scale when a new account posts something like this. So I do really appreciate those that have taken the time to post.

Between some comments here, looking online and the fact I have reached out to some attorneys I am confident enough to head over there myself and start to do things like test, identify marks etc.

Something of concern, asking more questions, there are apparently other relatives from the same side who have been taking metal detecting equipment into what they refer to as "Japanese caves" which they admit they travel into government land. I guess that is my only remaining doubt, what is the best answer when being asked where and how these were found.

I wouldn't worry about it being the legend of "Yamashita's Gold". I've never seen a legitimate case of any being being found, 10's of thousands of claims of it, but nothing legitimate. So if you got gold, it's most likely just gold your relative invested in over the years.

How much does each bar weigh and what are the markings you referenced on them? Did your mom take any pictures of them?